Daytona Beach Real Estate Sales Up 6.2%

Sales of Daytona Beach condos and homes were up in April by 6.2% over April of last year. For the year, sales are up 4.2% over 2010 and 38.1% over 2009. Here’s a look at the first four months of the last three years.

As you can see, sales for 2011 are pretty close to 2010. The big increase came from 2009 to 2010. The best we can say about this year is that the sales volume is holding pretty consistently since that big increase.

April 2011 Daytona Beach Real Estate Sales

April 2011 sales of Daytona Beach area homes and condos are showing the same trends that we’ve been seeing for over 3 years now. Look at the chart below:

The percentage of all sales under $200,000 came in at 78.7%. This is consistent with the sales distribution since prices began falling in 2006. Add sales between $200,000 and  $300,000 to count and over 90% (90.4%) of all sales of homes and condos were under $300,000. The median price, which is the mid-point distribution of sale (1/2 above and 1/2 below), was $115,000, but the average sales price was $158,000. Both the median and the average sales prices have been holding close to this range for about a year.

Have Daytona Beach Real Estate Prices Bottomed?

This is a big question and the answer will be more opinion that fact at this point. Saying that prices have bottomed is risky because we will still see monthly variations in the numbers. However, the numbers appear to be saying that we are in a more stable period than we were last year at this time. If we look back to 2009, we are in a much more stable market than then.

There are 4457 residential and multi-famlity properties listed as of this morning. This puts us at 10 months of inventory. In September 2008, there were 21.6 months of inventory. There were 5986 properties on the market then, but only 277 homes and condos were sold. Now, we have a drop of more than 25% in listings and a 61% sales increase.

So, the slighted convoluted answer to price bottoming is – inventory is down significantly, sales are up over the past few years and median sales and average prices are pretty stable. If we haven’t reached bottom we are close barring a major economic calamity.

Please contact Lynn at 386-566-7503 to discuss the market and what you are looking for. Click this link to –>search all Daytona Beach area homes and condos for sale.